Need help. Have one 1099 that I entered first (side job). All the others (3) are regular W2's.from our regular employers Will that affect the entire return?

tupelocreative · ‎June 4, 2019

Tentatively our fed taxes we owe went from 331 owed last year to 4500 owed this year. What the wild swing?

WillK · ‎June 4, 2019

It is hard to say what is exactly causing the change in the amount of taxes you owe since we do not have your personal tax data, but the 1099-MISC seems to be one of the reasons why. When you report a 1099-MISC not only are you responsible for your normal federal and state tax rate, but also the self- employment taxes (15%) as wel.

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View solution in original post

WillK · ‎June 4, 2019

It is hard to say what is exactly causing the change in the amount of taxes you owe since we do not have your personal tax data, but the 1099-MISC seems to be one of the reasons why. When you report a 1099-MISC not only are you responsible for your normal federal and state tax rate, but also the self- employment taxes (15%) as wel.

**Say "Thanks" by clicking the thumb icon in a post
**Mark the post that answers your question by clicking on "Mark as Best Answer"

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Need help. Have one 1099 that I entered first (side job). All the others (3) are regular W2's.from our regular employers Will that affect the entire return?